Winnipeg, MB – The preliminary 2021 Balanced Budget Update proposes a six-year, $2.3 billion capital investment plan to renew existing City assets and build the new assets required as our city grows towards one million people.
Investments in capital infrastructure are critical to support a modern growing city, and they are also one of the most important tools available to government in support of businesses and jobs for local residents, especially during times of economic uncertainty.
“In the midst of a global pandemic, it is more important than ever for governments to continue investing in capital infrastructure to help create jobs and drive the economy,” said Mayor Brian Bowman. “The $2.3 billion capital investment plan lays out the City’s infrastructure spending priorities in an open and transparent way, unparalleled by any other level of government that Winnipeggers pay taxes to.”
It is estimated that the proposed six-year $2.3 billion capital investment plan will boost GDP by over $1 billion in Manitoba and across Canada, create over 10,000 person years of employment while generating incremental tax revenue to the provincial government of $111 million, and $139.2 million to the federal government.
Highlights of this investment plan include:
- $864.1 million investment in road renewals, including a record $152.1 million investment in 2021
- $131.8 million for the purchase of 25 new Winnipeg Transit buses
- $180 million to continue the City’s investment in the Combined Sewer Overflow Mitigation Program
- $39 million for a Water Meter Renewal Program
- $60 million for a new Southwest sewer interceptor
- $32.1 million investment in the renewal and replacement of infrastructure at Assiniboine Park
- $29.2 million investment in the protection and enhancement of our tree canopy
The six-year capital program will be primarily financed through federal and provincial capital grants of $525.4 million, cash to capital of $79.5 million, $60 million from frontage levies revenue, and external debt of $210.2 million. The external debt of $210.2 million for the new capital investment over the next six years is a decrease of $18.5 million from the six-year forecast last year of $228.7 million, and still well within the City’s self-imposed debt limits.
“With the economic uncertainty caused by the COVID-19 pandemic, it is encouraging to know this infrastructure funding plan will be there to support jobs and the economy, long after the pandemic has ended,” said Scott Gillingham, Chairperson of the Standing Policy Committee on Finance.